STATISTICAL TECHNIQUES AND TOOLS
CONCEPT OF POINT AND INTERVAL ESTIMATION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An interval estimate depends on a confidence level.
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True
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False, it’s point estimate
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Instead of assigning a single value to a population parameter, an interval estimation gives a probabilistic statement, relating the given interval to the probability that this interval actually contains the true (unknown) population parameter.
Detailed explanation-2: -Confidence intervals are one way to represent how “good” an estimate is; the larger a 90% confidence interval for a particular estimate, the more caution is required when using the estimate. Confidence intervals are an important reminder of the limitations of the estimates.
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